The illusions of calculating total factor productivity and testing growth models from Cobb-Douglas to Solow and Romer.

Aggregate production functions yield high fits and factor elasticities close to the corresponding factor shares because they are approximations to an accounting identity. Authors show through a series of examples why one learns little from the neoclassical growth literature published during the last...

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Bibliographic Details

Main Author:	Felipe, Jesus (Author)
Resource Type:	Electronic Resource
Language:	English
Published:	Metro Manila, Philippines Asian Development Bank 2019.
Series:	Economics working papers.
Subjects:	Production control. Electronic books.
Online Access:	https://www.adb.org/publications/total-factor-productivity-testing-growth-models